Ultra bilyonaryo Enrique K. Razon Jr. is betting big on green energy.
Razon’s Prime Infrastructure Holdings Inc. aims to build the world’s largest solar power facility as part of a wider push towards renewable energy.
The plant will have a capacity of 2,500 to 3,500 megawatts combined with a 4,000 to 4,500 megawatt hour battery energy storage system.
The project will be undertaken by Terra Solar Philippines, a joint venture between Prime Infra and techpreneur Leandro Leviste’s Solar Philippines Power Project Holdings.
Last year, Terra Solar submitted an unsolicited proposal to supply Manila Electric Co. with 850 MW of mid-merit power for 20 years.
The two entities that expressed interest to challenge Terra Solar’s proposal failed to submit any bids, paving the way for the Razon-Leviste joint venture to seal a power supply agreement with Meralco.
“We, at Prime Infra, are delighted to move forward with Meralco on this record-breaking project that highlights solar power’s important contribution to strengthening the country’s energy security — solar, which is normally looked at for peaking, is now being made available by Terra Solar to answer Meralco’s mid-merit requirement, thereby addressing both the need for additional capacity and compliance with RPS.
DOE and Meralco should be commended for approving a project that is not only transformational for the renewable energy landscape, but also for managing to do so at a competitive price,” said Guillaume Lucci, president and CEO of Prime Infra.
The solar project development is seen as a boon to Meralco, which will increase its renewable energy sourcing as mandated by the Department of Energy’s Renewable Portfolio Standards (RPS).
Under the RPS, companies are required to source a minimum percentage of their energy portfolio from renewable energy sources.
“Prime Infra finds a sweet spot to pursue solar as we take advantage of the steep decline in installation costs over the past decade and the improved battery energy storage system technology that allows us to build an economically critical and socially relevant infrastructure at a scale the world has never seen before,” Lucci said.
By 2026, Terra Solar will supply 600 MW to Meralco. The remaining 250 MW will be delivered in 2027.
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